Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 Decem... (32021R0023)
INHALT
Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (Text with EEA relevance)
- REGULATION (EU) 2021/23 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
- of 16 December 2020
- on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132
- (Text with EEA relevance)
- TITLE I
- SUBJECT MATTER AND DEFINITIONS
- Article 1
- Subject matter
- Article 2
- Definitions
- TITLE II
- AUTHORITIES, RESOLUTION COLLEGE AND PROCEDURES
- Section 1
- Resolution authorities, resolution colleges and involvement of European Supervisory Authorities
- Article 3
- Designation of resolution authorities and competent ministries
- Article 4
- Resolution colleges
- Article 5
- ESMA Resolution Committee
- Article 6
- Cooperation between authorities
- Section 2
- Decision-making and procedures
- Article 7
- General principles regarding decision-making
- Article 8
- Information exchange
- TITLE III
- PREPARATION
- CHAPTER I
- Recovery and resolution planning
- Section 1
- Recovery planning
- Article 9
- Recovery plans
- Article 10
- Assessment of recovery plans
- Article 11
- Coordination procedure for recovery plans
- Section 2
- Resolution planning
- Article 12
- Resolution plans
- Article 13
- CCPs’ duty to cooperate and provide information
- Article 14
- Coordination procedure for resolution plans
- CHAPTER II
- Resolvability
- Article 15
- Assessment of resolvability
- Article 16
- Addressing or removing impediments to resolvability
- Article 17
- Coordination procedure to address or remove impediments to resolvability
- TITLE IV
- EARLY INTERVENTION
- Article 18
- Early intervention measures
- Article 19
- Removal of senior management and board
- Article 20
- Provision of recompense to non-defaulting clearing members
- TITLE V
- RESOLUTION
- CHAPTER I
- Objectives, conditions and general principles
- Article 21
- Resolution objectives
- Article 22
- Conditions for resolution
- Article 23
- General principles regarding resolution
- CHAPTER II
- Valuation
- Article 24
- Objectives of valuation
- Article 25
- Requirements for valuation
- Article 26
- Provisional valuation
- CHAPTER III
- Resolution tools
- Section 1
- General principles
- Article 27
- General provisions on resolution tools
- Section 2
- Position allocation and loss allocation tools
- Article 28
- Objective and scope of the position and loss allocation tools
- Article 29
- Termination of contracts – partial or full
- Article 30
- Reduction of the value of any gains payable by the CCP to non-defaulting clearing members
- Article 31
- Resolution cash call
- Section 3
- Write-down and conversion of instruments of ownership and debt instruments or other unsecured liabilities
- Article 32
- Requirement to write down and convert instruments of ownership and debt instruments or other unsecured liabilities
- Article 33
- Provisions governing the write-down or conversion of instruments of ownership and debt instruments or other unsecured liabilities
- Article 34
- Effect of write-down and conversion
- Article 35
- Removal of procedural obstacles for write-down and conversion
- Article 36
- Submission of a business reorganisation plan
- Article 37
- Content of the business reorganisation plan
- Article 38
- Assessment and adoption of the business reorganisation plan
- Article 39
- Implementation and monitoring of the business reorganisation plan
- Section 4
- Sale of business tool
- Article 40
- Sale of business tool
- Article 41
- Sale of business tool: procedural requirements
- Section 5
- Bridge CCP tool
- Article 42
- Bridge CCP tool
- Article 43
- Bridge CCP: procedural requirements
- Section 6
- Additional financing arrangements
- Article 44
- Alternative funding means
- Section 7
- Government stabilisation tools
- Article 45
- Government financial stabilisation tools
- Article 46
- Public equity support tool
- Article 47
- Temporary public ownership tool
- CHAPTER IV
- Resolution powers
- Article 48
- General powers
- Article 49
- Ancillary powers
- Article 50
- Special management
- Article 51
- Power to require the provision of services and facilities
- Article 52
- Power to enforce crisis prevention measures or resolution actions by other Member States
- Article 53
- Power in respect of assets, contracts, rights, liabilities, obligations and instruments of ownership of persons located in or governed by the law of third countries
- Article 54
- Exclusion of certain contractual terms in early intervention and resolution
- Article 55
- Power to suspend certain obligations
- Article 56
- Power to restrict the enforcement of security interests
- Article 57
- Power to temporarily suspend termination rights
- Article 58
- Power to exercise control over the CCP
- Article 59
- Exercise of powers by the resolution authorities
- CHAPTER V
- Safeguards
- Article 60
- ‘No creditor worse off’ principle
- Article 61
- Valuation for the application of the ‘no creditor worse off’ principle
- Article 62
- Safeguard for shareholders, clearing members and other creditors
- Article 63
- Safeguard for clients and indirect clients
- Article 64
- Recoupment of payments
- Article 65
- Safeguard for counterparties in partial transfers
- Article 66
- Protection for financial collateral, set off and netting arrangements
- Article 67
- Protection for security arrangements
- Article 68
- Protection for structured finance arrangements and covered bonds
- Article 69
- Partial transfers: protection of trading, clearing and settlement systems
- CHAPTER VI
- Procedural obligations
- Article 70
- Notification requirements
- Article 71
- Decision of the resolution authority
- Article 72
- Procedural obligations of resolution authorities
- Article 73
- Confidentiality
- CHAPTER VII
- Right of appeal and exclusion of other actions
- Article 74
- Ex-ante judicial approval and rights of appeal
- Article 75
- Restrictions on other proceedings
- TITLE VI
- RELATIONS WITH THIRD COUNTRIES
- Article 76
- Agreements with third countries
- Article 77
- Recognition and enforcement of third-country resolution proceedings
- Article 78
- Right to refuse recognition or enforcement of third-country resolution proceedings
- Article 79
- Cooperation with third-country authorities
- Article 80
- Exchange of confidential information
- TITLE VII
- ADMINISTRATIVE MEASURES AND PENALTIES
- Article 81
- Administrative penalties and other administrative measures
- Article 82
- Specific provisions
- Article 83
- Publication of administrative penalties or other administrative measures
- Article 84
- Maintenance of central database by ESMA
- Article 85
- Exercise of powers to impose administrative penalties and other administrative measures and their effective application by competent authorities and resolution authorities
- TITLE VIII
- AMENDMENTS TO REGULATIONS (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 AND (EU) 2015/2365 AND DIRECTIVES 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU AND (EU) 2017/1132
- Article 86
- Amendments to Regulation (EU) No 1095/2010
- Article 87
- Amendments to Regulation (EU) No 648/2012
- ‘Article 6b
- Suspension of clearing obligation in the case of resolution
- ‘Article 13a
- Replacement of interest rate benchmarks in legacy trades
- ‘Article 45a
- Temporary restrictions in the case of a significant non-default event
- Article 88
- Amendment to Regulation (EU) 2015/2365
- Article 89
- Amendments to Directive 2002/47/EC
- ‘Article 9a
- Directive 2008/48/EC, Directive 2014/59/EU and Regulation (EU) 2021/23
- Article 90
- Amendment to Directive 2004/25/EC
- Article 91
- Amendments to Directive 2007/36/EC
- Article 92
- Amendment to Directive (EU) 2017/1132
- Article 93
- Amendment to Directive 2014/59/EU
- Article 94
- Amendment to Regulation (EU) No 806/2014
- Article 95
- Amendment to Regulation (EU) No 600/2014
- TITLE IX
- FINAL PROVISIONS
- Article 96
- Review
- Article 97
- Entry into force
- ANNEX
- SECTION A
- Requirements for recovery plans
- SECTION B
- Information that resolution authorities may request CCPs to provide for the purposes of drawing up and maintaining resolution plans
- SECTION C
- Matters that the resolution authority is to consider when assessing the resolvability of a CCP
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